When you launch a business, you’re predominantly thinking of future success. You never think your nascent company might sink at any point down the road. But bankruptcy is real, and it happens to real people — people like you.
While it’s healthy and advisable to think positive all the time, it’s also important to be realistic because earnings are not always positive, and many businesses get into too much debt and need to file bankruptcy.
If you’re a business owner and this happens to you, be sure to seek the advice of a legal specialist such as chorchesbankruptcylaw.com before making any final decisions.
Here are the 8 Reasons Hiring a BankruptcyLawyer Makes Sense
1. The Experience Factor
You can hire anyone you like, of course. However, there are many good reasons to pick an experienced attorney over a rookie. Well, not everyone that boasts years of experience always delivers. Plus, experience also gets old and outdated.
That said, a seasoned bankruptcy attorney has amassed a ton of legal wisdom along the way. And you can tap into their vast resourcefulness and handle your situation like a pro.
2. You Could Benefit from Your Lawyer’s Malpractice Insurance
Even the best professionals can make mistakes. And that includes the finest bankruptcy lawyer in your state. If your attorney mishandles your case and you suffer harm in some way, you can get compensated for the loss.
Pro se filers — penny pinchers who opt to handle everything unassisted — can’t get such compensation. Of course, people don’t hire bankruptcy attorneys so they can claim malpractice compensation.
3. Lawyers Leverage Lots of Professional Connections
Lawyers, for the most part, have many good working relationships with those who matter in the legal world. They know many judges, court clerks, prosecutors, and other lawyers.
While that might not translate into better results for the process you’re embarking on, it’s not entirely valueless. You can expect that your case will keep moving through the system.
4. Creditors and Debt Collectors Will Treat You Differently
Very few things are as challenging as having creditors and debt collectors hounding you every day. Wouldn’t it be great if you could hand such worries over to your lawyer?
Attorneys know how to deal with such parties. They can even have you redirect all calls from debtors and collectors to them. Isn’t that something you’d really love?
5. They’ll Help You Submit Accurate, Complete Paperwork
A lot of paperwork goes into filing for bankruptcy. And it needs to be precise and complete. You don’t want to end up with an unsuccessful petition just because there were technical errors with the paperwork.
There’s also the little issue of gathering and presenting evidence. A lawyer ensures that you deliver accurate and complete documentation along with the requisite evidence.
6. You’ll Receive Sound Advice on Whether to File
In some situations, filing for bankruptcy isn’t the smartest thing to do. The right lawyer assesses your financial situation along with other circumstances and gives you accurate advice on what to do.
If filing is the best decision, they’ll tell you so. And if fighting a little harder to pay off your debts is the best path, they’ll advise you accordingly.
7. They’ll Ensure You File the Right Bankruptcy Chapter
Which chapter should I file? That’s a question everyone in your current situation has asked themselves at some point.
Some people decide on what type of bankruptcy to file without an attorney’s advice. And it’s not uncommon for such folks to ask for advice from their friends. Friends whose careers have absolutely nothing in common with law!
A lawyer examines the facts on the table and recommends the most appropriate type of bankruptcyto file. Whether the right option is chapter 7, 11, or 13, your lawyer should guide you correctly.
8. You’ll Feel Less Stressed Out
Who doesn’t need a little help when dealing with an energy-draining process? Having to shut down a business you’ve loved for years can be extremely exacting.
And court sessions make it even worse. Partnering with an attorney makes it feel like you’re not a little dense ball of sadness in a cold, uncaring world.
Thinking of Hiring a Bankruptcy Lawyer?
Find someone who focuses on bankruptcy law. The worst mistake you can make is to choose a jack-of-all-trades. You need very specific advice here, not general advice. So, go with someone with a proven track record of successfully handling this extremely challenging process.